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Korean Re 2021 Annual Report
Korean Re 2021 Annual Report
Korean Re 2021 Annual Report
  • Financial Highlights
  • Message from the CEO
  • Board of Management
  • Inside Korean Re
  • Global Business
  • Review of Operations
    • Property
    • Engineering
    • Agriculture
    • Korea Atomic Energy Insurance Pool (KAEIP)
    • Marine and Aviation
    • Casualty
    • Long-term
    • Motor
    • Life and Health
    • Investment
  • ESG Report
    • Overview
    • Our Commitment to the Environment
    • Our Commitment to Society and Communities
    • Our Commitment to Governance
  • Corporate Information
    • History
    • Organization
    • Contact Information
  • Download
    • Annual Report
    • Market Overview
    • Financial Review
www.koreanre.co.kr
Korean Re 2021 Annual ReportKorean Re 2021 Annual Report
menu
  • Financial Highlights
  • Message from the CEO
  • Board of Management
  • Inside Korean Re
  • Global Business
  • Review of Operations
    • Property
    • Engineering
    • Agriculture
    • Korea Atomic Energy Insurance Pool (KAEIP)
    • Marine and Aviation
    • Casualty
    • Long-term
    • Motor
    • Life and Health
    • Investment
  • ESG Report
    • Overview
    • Our Commitment to the Environment
    • Our Commitment to Society and Communities
    • Our Commitment to Governance
  • Corporate Information
    • History
    • Organization
    • Contact Information
  • Download
    • Annual Report
    • Market Overview
    • Financial Review

Download PDF Korean Re has never been intimidated by challenges no matter how formidable they may seem. On the contrary, it has been eager to push itself to take on new challenges and move forward. A case in point is its global expansion initiatives. In the face of slowing growth in the domestic market, we set our sights on global markets. Following a series of new overseas presences established over the last few years, we set up a reinsurance intermediary, KoreanRe Insurance Services, in New Jersey in September 2021. The reinsurance intermediary will help Korean Re build stronger brand recognition throughout the U.S. by serving the interests of insurance companies in the world’s biggest insurance market and securing more flexible and creative reinsurance solutions. We will continue to expand our global reach and explore new growth opportunities worldwide. Driving our business success does not necessarily have to involve major changes. Small changes can build up and combine together to create innovation. Paying attention to client needs is one of the most important drivers that lead us to seek changes and improvements. As evolving regulations and accounting regimes increase demand for non-traditional reinsurance, we believe it is now more important than ever for us to offer innovative solutions that can help reduce the required capital of insurers.

To this end, we set up a task force team dedicated to developing and designing coinsurance solutions for our clients in response to growing demand for effective capital management. Through this dedicated team of experts, we have recently made progress in serving the needs of insurers in Korea. In December 2021, Korean Re entered into a coinsurance agreement with Shinhan Life to help the life insurer manage its assets and liabilities based on economic value and mitigate its financial risks resulting from a mismatch of assets and liabilities.
Korean Re has continued to improve its organizational structure in a way that best leverages its resources. An effectively organized structure provides a business and its employees with the environment and resources they need to perform at their very best every day, contributing to value creation for the organization, its employees, and other stakeholders.

In 2021, we added an organizational unit responsible for environmental, social, and governance (ESG) management. This organizational change has allowed us to take more effective and centralized approaches to ESG initiatives. Our commitment to ESG is based on the values of promoting transparency in corporate governance, protecting the environment, and being a socially responsible member of the communities we work and live in. Upholding this commitment is not just the right thing to do but helps us ensure sustainable business operations and create shared value for society as a whole.

Download PDF How Korean Re Drives
Change
Korean Re has never been intimidated by challenges no matter how formidable they may seem. On the contrary, it has been eager to push itself to take on new challenges and move forward. A case in point is its global expansion initiatives. In the face of slowing growth in the domestic market, we set our sights on global markets. Following a series of new overseas presences established over the last few years, we set up a reinsurance intermediary, KoreanRe Insurance Services, in New Jersey in September 2021. The reinsurance intermediary will help Korean Re build stronger brand recognition throughout the U.S. by serving the interests of insurance companies in the world’s biggest insurance market and securing more flexible and creative reinsurance solutions. We will continue to expand our global reach and explore new growth opportunities worldwide. CHALLENGE Changes Start with Driving our business success does not necessarily have to involve major changes. Small changes can build up and combine together to create innovation. Paying attention to client needs is one of the most important drivers that lead us to seek changes and improvements. As evolving regulations and accounting regimes increase demand for non-traditional reinsurance, we believe it is now more important than ever for us to offer innovative solutions that can help reduce the required capital of insurers.

To this end, we set up a task force team dedicated to developing and designing coinsurance solutions for our clients in response to growing demand for effective capital management. Through this dedicated team of experts, we have recently made progress in serving the needs of insurers in Korea. In December 2021, Korean Re entered into a coinsurance agreement with Shinhan Life to help the life insurer manage its assets and liabilities based on economic value and mitigate its financial risks resulting from a mismatch of assets and liabilities.
INNOVATION Small Changes Evolve into
Korean Re has continued to improve its organizational structure in a way that best leverages its resources. An effectively organized structure provides a business and its employees with the environment and resources they need to perform at their very best every day, contributing to value creation for the organization, its employees, and other stakeholders.

In 2021, we added an organizational unit responsible for environmental, social, and governance (ESG) management. This organizational change has allowed us to take more effective and centralized approaches to ESG initiatives. Our commitment to ESG is based on the values of promoting transparency in corporate governance, protecting the environment, and being a socially responsible member of the communities we work and live in. Upholding this commitment is not just the right thing to do but helps us ensure sustainable business operations and create shared value for society as a whole.
NEW VALUE Making Continuous Changes Creates

Message from the CEO

Board of Management

Message from the CEO

Board of Management

Financial Highlights

• Gross Written Premiums : KRW 8,488.7 billion
• Net Income : KRW 153.3 billion
• Net Written Premiums : KRW 6,060.9 billion
• Investment Income : KRW 244.9 billion

Inside Korean Re

• Korean Re’s Internal Model Development Project
• Korean Re Insurance Webinar 2021
• Korean Re Signed a Coinsurance Agreement with Shinhan Life
• Korean Re Became the 10th Largest Reinsurer in the World

Financial Highlights

• Gross Written Premiums : KRW 8,488.7 billion
• Net Income : KRW 153.3 billion
• Net Written Premiums : KRW 6,060.9 billion
• Investment Income : KRW 244.9 billion

Inside Korean Re

• Korean Re’s Internal Model Development Project
• Korean Re Insurance Webinar 2021
• Korean Re Signed a Coinsurance Agreement with Shinhan Life
• Korean Re Became the 10th Largest Reinsurer in the World

Review of Operations

Review of Operations

Property

Property

more

Engineering

Engineering

more

Agriculture

Agriculture

more

Korea Atomic Energy Insurance Pool (KAEIP)

Korea Atomic Energy Insurance Pool (KAEIP)

more

Marine and Aviation

Marine and Aviation

more

Casualty

Casualty

more

Long-term

Long-term

more

Motor

Motor

more

Life and Health

Life and Health

more

Investment

Investment

more

ESG Report

ESG Report

Corporate Information

History
Organization
Contact Information

Corporate Information

History
Organization
Contact Information

Download

Download

• Annual Report – Full Report
• Market Overview

• Korean Economy 

• Korean Insurance Market 

• Financial Review

• Consolidated Financial Statements 

• Notes to Consolidated Financial Statements

• Independent Auditors’ Report

• Annual Report – Full Report
• Market Overview – Full Report
• Korean Economy 
• Korean Insurance Market 
• Financial Review – Full Report
• Management’s Discussion & Analysis
• Consolidated Financial Statements 
• Notes to Consolidated Financial Statements
• Independent Auditors’ Report
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